Happy New Year – 5 things I plan to do in a 2022 Focus

Happy New Year friends! I don’t know about everyone, but for me, I was glad to cap off 2021 – with some of the reasons being obvious with others more personal. Of course, COVID-19 is still around with each variant bringing more confusion than the last. And another year of this virus has brought about the phrase “new normal” – with each of us trying to understand what that means. There is so much fear and uncertainty running rampant today and I sincerely hope 2022 brings closure for us all in some form or fashion. I suspect a 2022 focus will aid us here.

A New Year has great implications, both physically and psychologically, and a 2022 focus is no different. It has physical importance because the new calendar year allows for investment totals to be reset; psychologically we have a fresh start to usher in new habits, disciplines, and achieve our goals. I began to think of the many things I want to do for 2022 and thought I’d publish the top five – in hope I can use it to hold me accountable as well as inspire others. So, without further ado, let’s dig into those five things, shall we?

2022 Focus point 1: Be more intentional about everything

Elsewhere, I’ve written about the qualities of a leader, and being intentional is at the top of the list. If you are not intentional about what you do, how you grow, where you go, or how you will inspire you will be ineffective at best and antithetical to boot. This also extends to everything else you do, too. Think about it for a moment: what would 2022 look like for you if you were intentional about achieving your goals instead of mired in apathy and indifference? Your goals will not achieve themselves, after all. You and I will have to go after it with tenacity and intentionality – and if we do, then we WILL see results. IF you want to achieve your goals, then you will HAVE TO put the work in and you will reap the best results possible when you are intentional about the outcome. We have to get after it.

 

We are intentional about our our vacations and time away

I TRULY believe intentionality is the first necessity for leaders and it extends to us leading in our own lives as well. We have to value our respective goals and let their value drive us to be intentional about all we do. This is the reason I have listed it first.

So, how does this look practically? This is broad – in theory and application. I’ll deal with this on a personal level here. I’ll utilize to do lists, spreadsheets, continually placing that which I want to achieve in front of me on a regular basis. That way, I am not tempted to get too busy and let things slide. This will get more evident as I write the remaining points but keep in mind what works for me may not be your cup of tea – and that’s fine. Whatever you have to do to remind yourself to be intentional is the goal here. This is the first thing for my 2022 focus.

2022 Focus point 2: Write more

Writing strikes a cathartic tone for me and I need to stop dragging my feet here. I had set a goal for myself last year to establish a bi monthly post but failed abysmally (instead of 24 I had 15). I could offer excuses, even legitimate ones like being busy with work, further educating myself, or even traveling but in the end they are just that: excuses. People make time for what they value and if I value writing it is time for me to put some serious effort here. I’ll start with a paltry goal of 24 articles here again. Many successful bloggers post far more than this (with some posting at least 3 times a week) but the content and depth of my articles take time and I’d rather not over promise and un deliver. Bi monthly posts are a good starting point and I’ll seek to achieve it again. IF I take the time to develop that habit I can shape it further.

   

Recent camping trip – sometimes getting away allows writing creativity to flourish

Moreover, I have great interest in a lot of various topics as indicated by the wide variety of what is already found here – and I plan to expand it further in 2022. There are some interesting threads I want to pull on here so expect to see some great posts this year.

I’ll keep track of it via excel and writing it down in my planner – there is just something about having the physical list in front of me as I check it off that I enjoy. Taking the time to cross off an item from a tangible to do list is something I have grown to appreciate.

This then, is my first post of the year. Let’s get at it!

2022 Focus Point 3: Max out our Roth IRAs

I started this website initially to discuss retirement options for unionized skilled labor – although some of the ideas can and should be used by others. The main option for those in the trades is investing in a IRA and hopefully maxing it out. If you are under 50 the limit for 2022 is $6,000 and over 50 you can contribute $7,000. I’ve said it before: those in the trades have every reason AND resource to max out their respective IRAs. I have never met someone who thought they saved too much; everyone I have spoken to about retirement has said they wish they’d saved more and started earlier – compound interest has been called the eighth wonder of the world and for good reason: it is something to behold.

 

     

(Left) Where we are at and what it is back home (Right)

Fully funded IRAs will allow us to visit colder places in retirement

 

This post isn’t really meant to dive into the mechanics of IRAs, the miracle of compound interest, diversification of pre and post tax retirement accounts – or even what IRA is better. For my money, I am investing in Roth IRAs and you can read more about it here. Instead, my 2022 focus is going to be on implementing greater retirement savings – IRAs included.

Our limit for 2022 is a combined total of $12,000. Breaking that down weekly, it comes out to be $230.77 – or $115.38 per IRA (one for me and one for my wife). That might seem steep to some but I’d caution what retirement looks like when you didn’t save – or better yet, ask any average retiree and you will hear the same song sung; namely, they wished they’d saved more and started earlier.

For more perspective, some of us spend more on car payments, spend enormous amounts on going out to eat, entertainment, and various comforts we could do without to achieve what I consider the bare minimum of retirement.

I plan on keeping track of this via a chart I have created and will check on it weekly. This will be complicated somewhat since I didn’t reach the 2021 maximum and am allowed to contribute to 2021 limits until April, so I’ll have to make a note of which year I am investing in. Other than that, though, I will be aiming to max out our respective Roth IRAs with a total of $12,000. I have also toyed with the idea of posting a monthly review of our progress with my IRA goal, which would also increase my writing, too. A case study not only keeps me accountable but also provides a great example for others to read about – and infuse them with a spark to do the same.

*I should also note that a by product of keeping weekly track of this goal is also a better grasp of budgeting and how we finance things. This, of course, means a continual check up of investments, net worth, and telling our money where to go as opposed to wondering where it went. As it stands, that isn’t a bad by product at all. I’d caution others tempted to do the same not to be cautious here; remember you are playing the long game and not to get rattled. Some people watch the market and their accounts several times a day; exchanging joy for anxiety. Don’t do that. Be diligent, intentional, and patient.*

2022 Focus point 4: Research other means of income

My wife and I have been blessed – she is a stay at home mom who homeschools our kids. It’s a job she loves and wouldn’t want it any other way. As such, operating, retirement, and discretionary spending is all on me. After maxing out our IRAs, I will be turning out attention to other streams of income – to increase our E/O (emergency/opportunity) fund, invest more in our taxable accounts, and seriously consider passive sources of income. These could include a number of things: writing, consulting, and even real estate (currently thinking Air B & B but not opposed to renting and/or group investing). I don’t plan on listing a litany of ways to increase income – a quick google search will unearth A LOT of them – but I will definitely explore some options this year.

   

NYC and Colonial Williamsburg – two completely different places but with increased income we can visit both with no guilt

A brief one I’ll specifically mention though is donating plasma. If you can stomach being pricked by a needle twice a week, you can earn some serious coin. There are two donation places near me that pay $70 for each donation and because you can donate twice a week that is $7,280. What’s not to like about that? That is some serious side hustle money.

In the end, my intent is to increase our revenue stream to bolster taxable accounts, E/O fund, and to give more in accordance with gains. We seek to be a conduit of blessing – not a clog and that is something to keep in mind with the 2022 focus in sight. A rising tide lifts all boats, after all.

2022 Focus Point 5: Compartmentalize for long term goals

I like to compartmentalize via different accounts. I’ve read extensively how some simply put it all into one account for interest purposes but my mind doesn’t work that way. I separate different accounts for different goals, which helps me to keep things clean and neat. We travelled more in 2021 than we ever have – work and leisure – and I intend to do the same in 2022 as well. Having an account to separate the funds necessary for that travel helps me to be intentional about what we do and where we go.

Speaking of where we go, the main reason for compartmentalizing is to set up an account for some serious travel, like overseas or bucket list type of travel. In my mind, I envision a few years of depositing into this for a sizeable sum. My personal goal is to go to the Nordic countries and a trip there will be costly. I LOVE winter and want to see the Northern Lights, the numerous fjords, the charming villages, ski lodges with quaint bars, cabins, and atmosphere, and just enjoy an amazing vacation. I should note here that I NEVER believe a week is enough for vacations like this. Bare minimum is at LEAST 2 weeks and in many cases more.

   

Forget the beach – let me go where I can see snow and the Northern Lights!

To some, they can’t justify spending money on travel when they can build their retirement nest egg and I can appreciate that sentiment – it’s more desirable than the alternative. I know some who either do not travel at all or do so on borrowed money – both are a negative in my book. However, I also weigh it against time. I can always make more money but the time that is lost is just that: lost – and never to be recovered. There has to be some give and take when it comes to enjoying this life but also saving for a rainy day and retirement. For my part, I believe there is a balance to be had – one that requires you to do your due diligence. The unexamined life isn’t worth living, after all.

So there you have it – these are the 5 things I have in mind going into the new year worth posting. I have many more, but these are the ones I want to have on the horizon for me to focus on throughout the year and report back on end of the year – my 2022 focus if you will.

What about you: do you have some focus for the new year? What does it look like?